Starter Company Plus
Highlights
This program is designed specifically for businesses like yours. It offers financing options that can help you grow and sustain your operations. You can receive up to $1,000,000 in funding, with an additional $150,000 available for software or day-to-day expenses. This financial support can be used for various needs, including operating expenses, restorations, new equipment, and software.
What sets this program apart is that it is backed by the government, providing you with more flexible repayment options. You can choose how to pay it back, with terms extending up to 15 years. This makes it a more manageable and secure option compared to traditional loans.
Applying for this program is straightforward, and qualifying is easier than you might think. Being approved can provide your business with the financial stability and resources needed to thrive. Take advantage of this opportunity to secure the funding you need to achieve your business goals.
Financing Details
Type of Financing:
- Grant: This program offers non-repayable grants to eligible businesses.
Eligible Expenses:
- Operational Costs: Salaries, rent, utilities, and other day-to-day operational expenses.
- Equipment Purchases: Costs associated with purchasing new equipment or upgrading existing equipment.
- Marketing and Promotion: Expenses related to advertising, promotional campaigns, and marketing materials.
- Training and Development: Costs for employee training programs and professional development courses.
Ineligible Expenses:
- Debt Repayment: Funds cannot be used to pay off existing loans or debts.
- Personal Expenses: Any personal expenses or non-business-related costs are not covered.
- Real Estate Purchases: The grant cannot be used for purchasing real estate properties.
Fees:
- No Application Fees: There are no fees associated with applying for this grant program.
Qualifications
- Must be a business operating in Ontario.
- Must have an Ontario Business Number for business tax purposes.
- Must comply with workplace rules and regulations, including the Employment Standards Act and the Occupational Health and Safety Act.
- Must adhere to Ontario’s accessibility laws and standards.
- Must comply with consumer protection laws.
- Agri-food businesses must comply with food safety and agriculture laws.
- Businesses with animals on the premises must comply with the Provincial Animal Welfare Services Act.
- Must comply with Ontario’s Building Code.
- Must have appropriate insurance, including workplace insurance if applicable.
- Must have a Business Number (BN) to file business taxes and deduct payroll.
May need to register for the Employer Health Tax (EHT) if you have employees.
Disqualifications:
- Businesses that do not comply with Ontario’s workplace rules and regulations.
- Businesses that do not adhere to Ontario’s accessibility laws.
- Agri-food businesses that do not comply with food safety and agriculture laws.
- Businesses with animals that do not comply with the Provincial Animal Welfare Services Act.
- Businesses that do not comply with Ontario’s Building Code.
- Businesses without appropriate insurance.
- Businesses without a Business Number (BN) for tax purposes.
- Businesses that do not register for the Employer Health Tax (EHT) if required.
Description
This program offers your business a chance to receive up to $1,000,000 in funding. You can use this money to buy new equipment, improve your workspace, or cover other essential costs.
Here’s how you can use the funds:
Up to $500,000 for buying equipment or upgrading your rented space. This includes:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
Up to $150,000 for costs like software or other operational expenses to keep your business running smoothly.
The government guarantees 85% of the loan, providing a significant safety net for you.
Flexible repayment options are available. You can choose a variable interest rate, a fixed rate, or a combination of both. You have up to 15 years to repay the loan, regardless of how you use the funds.
This program is a great opportunity to invest in your business’s growth and stability with the support of government-backed funding.
Program Steps
Gather Required Documentation:
- Business registration documents
- Financial statements (e.g., balance sheet, income statement)
- Business plan
- Tax returns
- Proof of business address
- Identification documents (e.g., driver's license, passport)
Complete the Application Form:
- Fill out the application form provided on the program's website.
- Ensure all fields are accurately completed.
Prepare a Detailed Business Plan:
- Outline your business goals.
- Describe how the funding will be used.
- Include financial projections and expected outcomes.
Submit the Application:
- Upload all required documents.
- Submit the completed application form through the designated online portal or by mail, if applicable.
Follow Up on Application Status:
- Monitor the status of your application through the program's tracking system.
- Respond promptly to any requests for additional information or documentation.
Attend an Interview or Meeting (if required):
- Be prepared to discuss your business plan and funding needs.
- Provide any additional information requested by the program administrators.
Receive Approval and Funding:
- Once approved, review the terms and conditions of the funding.
- Sign any necessary agreements.
- Receive the funds and begin implementing your business plan.